People Feature: The rise of the boomerang employee
By Anna Devine 23 August 2016
Fund houses are proving to be increasingly open to former employees returning to the fold, according to experts.
A notable example of a former employee making a return to a previous employer includes Peter Harrison, who started his career as an equity analyst at Schroders before leaving and rejoining the firm several years after stints at various fund houses to become chief investment officer in 2013 and chief executive officer this year.
Elsewhere Florence Dard became Axa Investment Management’s new head of France last year, returning to the firm after working in various senior roles at Edmond de Rothschild for five years.
In November 2014 Marc Seidner rejoined Pimco as its CIO of non-traditional strategies after leaving and serving as head of fixed income at GMO for under a year.
Kirsty Pineger, director of the wealth and asset management division at BRUIN Financial, says she has seen more instances of asset managers rehiring former employees in the past 12 months than ever before.
“The market for talent is competitive and the benefit of rehiring an ex-employee for a niche requirement who knows the role, the culture and the systems, very often outweighs any feeling of loyalty lost,” she says.
Ms Pineger also finds that firms are more interested in past employees rejoining old teams or acting as contractors for a short-term need.
“Increasingly asset managers are rehiring former employees on a temporary-to-permanent basis, possibly using a temporary position as an informal probation period for both parties to ensure that it is right for everyone involved,” says Ms Pineger.
Fund firms, which are currently facing considerable challenges such as regulation and a low-growth environment, want people who can “hit the ground running”.
This is particularly important in larger firms, which often have complex organisational structures – operating in different countries and with numerous points of contact.
The rise of boomerang employees shows that it is important to be a good leaver.
Fully assisting an employer through the transition of a departure will be “fundamental” to being reconsidered for a job in the future, says Mr Hudson.
Ms Pineger says: “Be honest about the reasons why you are resigning and stick with the decision. Do not be tempted by a counter offer that very often results in a second resignation shortly afterwards and causes bad feeling.”
Experts advise that people keep their network up to date, making full use of LinkedIn to remind former colleagues of what they are up to.
Once engaged in an interview process, it is worth revisiting people within the company as it is normal for internal off-the-record references to be sought.
It is also important that boomerang employees do a good job of demonstrating what new skills and value they bring to their former employer, experts say.
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